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Regime: Risk-off, with oil spiking on escalating Middle East tensions and Trump rejecting Iran’s peace offer, VIX at 17.08 and 10Y yields slightly higher. Today’s market themes: Geopolitical Risk: Middle East tensions driving oil and safe-haven flows. Rate Divergence: CB policy driving FX crosses, particularly EUR/GBP and EUR/JPY. Commodity Strength: Silver…
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Where we are: The DXY is currently flat on the day at 97.87, holding its ground near the upper end of its intraday range of 97.80-98.03. This relative stability comes after a modest decline last week, with the index finding support around the 97.80 level. The Dollar remains bid as haven…
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Where we are: S&P 500 futures currently trade at 7408.75, up a mere 3.00 points, clinging to a fractional gain of 0.04%. The overnight range has been tight, between 7391.00 and 7420.25. Cash S&P closed unchanged on Friday at 7398.90, so we’re essentially treading water here pre-market. What’s driving it: Despite…
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Where we are: Gold (COMEX) is currently trading at 4701.3, down 3.9 points (-0.08%) on the session. The intraday range has been relatively contained, between 4655.6 and 4714.2. This price action sees it sitting below Friday’s New York close after a mild rally last week. What’s driving it: Gold is under…
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Where we are: EUR/USD is currently trading at 1.1769, up +0.06% on the day and near the upper end of today’s 1.1749-1.1782 range. The pair is holding its gains from late last week, consolidating above the 1.1750 level and slightly above the prior NY close. What’s driving it: The Euro is…
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Where we are: Nasdaq futures are currently trading at 29271.00, down 0.12% on the day, trading within a relatively narrow range of 29227.50 to 29399.25. This is just shy of Friday’s cash close of 26247.08, highlighting the persistent premium in futures. Despite the minor pullback, the index remains near record highs…
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Where we are: GBP/USD currently trades at 1.3606, up 0.26% on the session, testing the upper end of its intraday range of 1.3570-1.3616. Cable has shrugged off earlier weakness in European equities to maintain a bid, though the DXY remains largely flat. The pair is attempting to break higher from Friday’s…
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Where we are: USD/JPY is currently trading at 157.11, up 0.22% on the day, having traded in a tight 156.76-157.18 range so far. This marks a continuation of the recent upward trend, with the pair testing levels not seen since intervention zones were previously defended. The pair is up from Friday’s…
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Where we are: Dow futures currently trade at 49650, up 34 points on the session, holding near the top of the day’s range (49471-49706). This is a slight positive from the cash close at 49609. The market is treading water as traders await the 08:30 ET data dump, showing little directional…
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Where we are: USD/CAD is currently trading at 1.3671, modestly lower on the day, but holding above the overnight low of 1.3661. The pair remains within yesterday’s range and continues to consolidate below the recent high of 1.3695. This level is key to watch as a break above could signal further…
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Where we are: Bitcoin is trading around $62,400 in pre-market activity, holding steady after an overnight range of $62,393 to $63,385. This puts it slightly above Friday’s New York close, but the cryptocurrency is struggling to break definitively higher. Key resistance remains at the $64,000 level, a break of which could…
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Where we are: The FTSE 100 is currently trading at 22749, down 101 points or 0.44% on the day. The index is trading towards the lower end of its intraday range of 22742-22850, failing to hold ground after the brief overnight bounce. It is underperforming European peers, which are seeing slightly…
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Snapshot: AUD/USD trades at 0.7240, up 0.28% on the session. The Aussie is finding support from rising copper prices, which are up 2.06%. Traders are awaiting clearer signals on the RBA’s rate path, with the next meeting on May 20th. Watch for a break above 0.7249, today’s high, to signal further…
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Snapshot: WTI crude is trading at $98.27, up 0.43% on the session, as escalating geopolitical tensions in the Middle East raise supply concerns. Trump’s rejection of Iran’s proposal and drone attacks near Qatar are today’s catalysts. Watch for a break above $100.35 to confirm upside momentum, targeting $102 next. Risk: Further…
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Snapshot: The Nikkei 225 is currently trading at 62418, down 1.24% on the day, retreating from record highs. The primary domestic driver appears to be profit-taking after the recent surge, compounded by surging oil prices stoking inflation concerns. Watch JGB 10Y yield at 2.51%, any further rise may add pressure. Risk…
